Shanghai copper premium sits at over 4-month high; EQ market rallies
China’s premium for copper cathode being imported to the country continued its rally over the past week, and now sits at its highest level since late March.
Fastmarkets assessed the benchmark copper grade A cathode premium, cif Shanghai
at $50-68 per tonne on Tuesday, up by $10-13 per tonne from $40-55 per tonne a week earlier.
Fastmarkets’ assessment of the copper grade A cathode premium, in-whs Shanghai
was $55-72 per tonne on Tuesday, up by $5-7 per tonne from $50-65 per tonne a week earlier.
Sentiment has improved substantially since premiums began to recover in early July, and cargo-holders are in no hurry to sell in a rising market, which is limiting spot availability, sources told Fastmarkets.
“The market is moving fast, almost rising every day, and the further upside is likely due to the tight spot...